Older generations are shelling out serious cash. How do their spending habits compare to millennials and Gen Z?
It’s not just millennials who love the convenience of shopping online. While 82% of boomers still shop in a brick-and-mortar store at least once a month, 40% of them shop online once a month, too.
A report by Blackhawk Network also shows that boomers spend $230 billion per year on consumer package goods, including such stereotypically millennial services as online grocery shopping. In fact, 76% of boomers surveyed have an interest in shopping online for at-home delivery in the next six months.
“Older generations prefer well-established shopping channels like in-store and online but are willing to try newer options. For instance, they outpace younger generations in buying groceries online for at-home delivery,” said Theresa McEndree, vice president of marketing at Blackhawk Network.
Unlike millennials though, they’re not generally enthusiastic about new payment trends like cashier-less payments.
Retailers should take note, especially because boomers will control 70% of the country’s income in the next five years and stand to inherit $15 trillion in the next 20 years.
“According to research from Epsilon, Gen X and boomers combined still have almost triple the buying power of the younger generations,” McEndree said.
So, it’s safe to say that Boomers will control most of the country’s spending and aren’t afraid to try new ways of spending that money.